Longboard Asset Management LP Buys New Position in Pinnacle West Capital Co. (NYSE:PNW)

Longboard Asset Management LP bought a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the 4th quarter, Holdings Channel reports. The institutional investor bought 2,387 shares of the utilities provider’s stock, valued at approximately $202,000.

Several other institutional investors have also recently added to or reduced their stakes in PNW. Venturi Wealth Management LLC raised its stake in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. Roble Belko & Company Inc acquired a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $42,000. Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $43,000. Kennebec Savings Bank acquired a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $64,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of Pinnacle West Capital by 27.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 899 shares of the utilities provider’s stock valued at $76,000 after acquiring an additional 192 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the subject of a number of research analyst reports. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research note on Wednesday, December 4th. Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Morgan Stanley decreased their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Finally, Citigroup boosted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $85.21.

Pinnacle West Capital Stock Up 0.3 %

NYSE PNW opened at $87.10 on Wednesday. The stock has a market cap of $9.90 billion, a PE ratio of 16.50, a P/E/G ratio of 3.44 and a beta of 0.57. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The business has a 50 day moving average price of $86.84 and a two-hundred day moving average price of $87.64. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.